Exploring the Importance of Storytelling in the NFT Market

NFTs, or non-fungible tokens, are unique digital assets that use blockchain technology to verify their ownership and authenticity. This has created an entirely new market for digital creators to sell their work directly to buyers, without the need for intermediaries like galleries or auction houses.

But what sets NFTs apart from traditional digital art or collectibles is the power of narrative. By attaching a story to an NFT, creators can give their work context and meaning that goes beyond its technical specifications. This can make an NFT more valuable to collectors and investors, who are willing to pay a premium for pieces that have a compelling backstory.

The Role of Storytelling in Different Types of NFTs

The importance of storytelling is evident across different types of NFTs. For digital art, the story behind the piece can help to explain the artist’s creative process, inspirations, and themes. In the sports world, NFTs of game-winning moments or iconic performances can evoke powerful emotions and memories for fans.

Even virtual real estate, such as plots of land in virtual worlds like Decentraland, can benefit from a strong narrative. By creating a backstory for a piece of virtual land, developers can make it more appealing to potential buyers who want to be a part of a larger, immersive world.

The Future of NFTs and Storytelling

As the NFT market continues to grow and evolve, storytelling will likely become even more important. With so many digital assets available for purchase, buyers will be looking for pieces that stand out from the crowd and offer something unique. A compelling narrative can be just the thing to make an NFT memorable and valuable.

But storytelling also presents challenges for NFT creators. Crafting a story that resonates with buyers and collectors requires creativity and skill, and not every creator may have those qualities. As the market matures, we may see the emergence of specialized NFT storytellers who work with artists and other creators to help them tell their stories in the most effective way possible.

In conclusion, storytelling has become a critical component of the NFT market. By giving digital assets context and meaning, creators can make them more valuable to buyers and investors. As the market continues to evolve, we can expect storytelling to play an even bigger role in the success of NFTs.

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The Hype Cycle: Peaks and Troughs

The hype cycle is a pattern often observed in emerging technologies, including NFTs. It starts with an innovation trigger that captures the public’s imagination, leading to a rapid increase in interest and investment. This intense focus causes inflated expectations, which eventually results in a peak of inflated expectations.

As reality sets in, disillusionment follow, causing a decline in interest and value. The trough of disillusionment represents the lowest point in the cycle. However, it’s essential to note that this isn’t the end. Technologies that can demonstrate real-world value will gradually climb the slope of enlightenment, ultimately reaching a plateau of productivity where their true potential is realized.

The Value Cycle: Growth and Consolidation

While the hype cycle focuses on the attention a technology receives, the value cycle concerns the actual value it generates. This cycle consists of two primary phases: growth and consolidation. During the growth phase, new projects and innovations emerge, attracting significant investments. The consolidation phase follows, wherein weaker projects fade away, and stronger ones continue to develop, leading to market stability.

Understanding the relationship between the hype and value cycles is crucial for investors and enthusiasts alike. Recognizing when a technology is at the peak of inflated expectations or in the trough of disillusionment can help identify potential investment opportunities or avoid ill-timed decisions.

Navigating the Cycles: Strategies for Success

To navigate the hype and value cycles of NFTs effectively, consider adopting the following strategies:

• Stay informed: Keep up-to-date with the latest NFT trends, technologies, and platforms. Being well-informed can help you identify opportunities and avoid potential pitfalls.
• Diversify your portfolio: As with any investment, it’s essential to diversify your NFT holdings. This can help mitigate risks associated with specific projects or market segments.
• Look beyond the hype: Don’t get swept away by the hype surrounding NFTs. Instead, focus on the underlying value of the projects and assets you invest in.
• Be patient: Navigating the cycles of hype and value requires patience. Don’t expect immediate returns on your investments. Instead, adopt a long-term perspective, and be prepared to weather the ups and downs of the market.

In conclusion, understanding the hype and value cycles of NFTs is crucial for making informed decisions in this dynamic market. By adopting the strategies outlined above and staying informed about the latest developments, you can position yourself for success in the ever-evolving world of digital assets.

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The strategy

While OpenSea caters to retail NFT buyers and art aficionados, Blur has taken a different path, reminiscent of Robinhood’s growth strategy. By targeting active NFT traders, Blur undercuts its competitors by charging no platform fees and funding its business with venture capital from crypto investors like Paradigm and Cozomo de Medici. Blur also rewards its customers with its own self-minted coin, a move that OpenSea has not yet adopted. This approach has been particularly effective as casual NFT buying by retail customers and collectors has largely evaporated, leaving active traders as the primary market for NFT platforms.

Blur’s user interface is designed to cater to traders, with a simple, stock-trading-inspired layout that emphasizes trading data and makes it easy to buy and sell NFTs in bulk. This is a significant departure from the gallery-style interface of OpenSea, which focuses on the visual aspects of NFTs.

Royalties and controversy

Another controversial tactic employed by Blur was making royalty payments to artists optional. This move led to OpenSea lowering its royalties, and both marketplaces eventually agreed to a minimum royalty fee of 0.5%.

The rapid rise of Blur has had a significant impact on the NFT market. In response to Blur’s success, OpenSea temporarily eliminated its 2.5% platform fee and launched OpenSea Pro, a trading platform with 0% fees and similar trading tools as Blur.

No fees, no revenues?

Despite Blur’s success, the startup faces several challenges, including its lack of fees, which means it relies on its $11 million in venture capital funding. In August, Blur’s token holders will vote on a proposal to introduce a 2.5% platform fee. However, if implemented, this could lead to a loss of users. Furthermore, the platform has faced backlash from NFT artists due to its initial decision to cut out royalties for creators. Finally, potential regulation by the SEC could impact the NFT market and Blur’s reward tokens.

As the NFT trading landscape continues to evolve, it remains to be seen how Blur will adapt and maintain its market dominance while navigating the challenges it faces. Regardless, its innovative approach to trading and its rapid rise to success provide valuable insights into the rapidly changing world of NFTs.

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Although the majority of them were launched with the sole purpose of riding the wave, some projects were able to offer innovative concepts and artistic styles.

In this article, we’ll take a look at the “monkey collections” that have made the biggest impact on this ecosystem since its rise in 2021.

1 – Bored Ape Yacht Club (BAYC)

If there are any monkeys leading this ecosystem, it’s the NFTs from the Bored Ape Yacht Club (BAYC) collection. 10,000 monkeys with pronounced facial expressions, accompanied by a unique and crafted style, the BAYCs captured the hearts of the NFT community when they launched in April 2021.

Today, the BAYC collection is arguably the most popular NFT project in the ecosystem. To tell you, the total exchange volume that these NFTs have generated amounts to a more than 800,000 ETH, which is worth about $1.1 billion at the current Ethereum price.

Even in these tumultuous times, the cheapest BAYCs are selling for 65 ETH. As some like to point out on the networks, this is still “expensive for monkey pictures.

So yes, it’s a price that is not affordable for everyone, but you know that this project is building a whole Web3 ecosystem around their identity. Beyond the “simple” monkey NFTs we all know, the collection is notably working on the development of Otherside, an evolving metaverse aimed at bringing together multiple immersive gaming experiences.

The BAYC project has continued to evolve over the years, while continually delivering value to its holders. It is certainly for these reasons that it has maintained its position as a leader in this market.

2 – Mutant Ape Yacht Club (MAYC)

You don’t change a winning team. Several months after their launch, BAYC decided to reward its holders by giving them a free NFT (Airdrop) from a brand new collection: the Mutant Ape Yacht Club (MAYC).

With the same graphic style, but in a “mutant” version, the prices of the MAYCs quickly skyrocketed. In April 2022, at the peak of the NFT market, MAYCs were trading, on average, at 38 ETH, or about $110,000 at the price at the time.

After staggering the NFT market with their first collection, the creators of BAYC have undeniably earned the trust of users. In total, the MAYC collection has generated over 580,000 ETH in trading volume. This technically makes it one of the largest collections in the NFT market.

3- Degenerate Ape Academy

A few months after the launch of the first viral collections on Ethereum (ETH), the Solana network (SOL) has, in turn, launched into the NFT adventure.

Degenerate Ape Academy or “DegenApe” was one of the first collections to be launched on Solana, but also one of the most popular on this blockchain. The DegenApe collection was the precursor of a new trend, bringing an unfamiliar style to the NFT market, namely 3D.

Indeed, 3D modeled NFTs were not at all popular at the time. This innovative style has more than won the hearts of the NFT community on Solana.

Released in August 2021 at a price of 6 SOL, or about $240 at the time, Degenerate Ape Academy holds a total trading volume of about 3 million SOL (~$75 million at current prices).

While the hype around this project has diminished considerably, it is still one of the largest NFT collections on the Solana (SOL) market.

4 – Solana Monkey Business (SMB)

Launched shortly before Degenerate Ape Academy, the Solana Monkey Business collection also played a major role in introducing NFTs to the Solana network.

Based on the pixelated style of the famous “CryptoPunks” collection, the SMB NFTs quickly appealed to a very specific audience.

In spite of a less aggressive marketing strategy, it has nevertheless recorded significant volumes over the last few years. In total, almost 2 million SOLs have been traded on the various Solana marketplaces.

Even after the wave of events that have had a strong impact on the market, the floor price (lowest price of a collection) of SMBs has remained at around 220 SOL. This makes it one of the most expensive collections on Solana.

5 – Cyberkongz

Technically more “gorillas” than monkeys, the 2D/3D cubic style brought on by the Ethereum (ETH) Cyberkongz collection has likely created a huge wave of hype among investors.

Cyberkongz have now recorded nearly 35,000 ETH in terms of total sales volume, which is equivalent to about $60 million.

Just like most collections, Cyberkongz has seen its trading volumes drastically decrease over the past few months.

Bonus – Elrond Apes

Considerably less famous than its competitors, the Elrond Apes project has nevertheless had a significant impact on the evolution of NFTs on the Elrond network.

These 10,000 3D apes are now trading at nearly $900 for the cheapest of them.

Considering that they were launched much more recently than the collections presented above, Elrond Apes generated a total volume of around 90,000 EGLD (~$4.5 million), which is still an excellent performance.

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In this article, discover the ranking of the 10 biggest NFT sales in history.

10 – CryptoPunk #7804 & CryptoPunk #3100 – 7.6 million dollars

Let’s start without further ado with two NFTs from the famous CryptoPunks collection, each sold for 4200 ETH, or about 7.6 million dollars, on March 11th 2021.

Both with an “Alien” skin, an attribute available in only 9 copies out of the 10,000 NFTs generated, these CryptoPunks rank among the rarest of the collection.

Moreover, the owner of CryptoPunk #7804, a certain “peruggia-v-eth“, has 9 NFTs from the same collection.

9 – CryptoPunk #5577 – 7.9 million dollars

From the same collection, NFT CryptoPunk #5577 sold for 2501 ETH on February 9, 2022. At that time, Ethereum (ETH) was worth nearly $3,000, making it a purchase of about $7.9 million.

Among its on-chain features is a cowboy hat available in only 144 copies, but also the “ape” (monkey) skin type found on only 24 of the CryptoPunks.

The NFT CryptoPunk #5577 was purchased by Robert Leshner, the founder of the DeFi Compound protocol.

About 10 months ago, this NFT was transferred to another wallet where a collection of 7 CryptoPunks, 1 BAYC as well as a hundred Otherseed to name but a few can be found.

8 – CryptoPunk #4156 – 10.3 million dollars

We stay on the same collection with this time the CryptoPunk #4156 bought for an amount of 2500 ETH, or about 10.3 million dollars, on December 9, 2021.

Again, this NFT has an “Ape” attribute, accompanied by a blue bandana that only 5% of CryptoPunks have.

Please note that this NFT was redeemed for 2691 ETH (~$3.3 million) on July 15, 2022.

7 – Tpunk #3442 – 10.6 million dollars

Although similar to CryptoPunks, NFT Tpunk #3442 originated from “TPunks“, one of the first collections released on the Tron blockchain.

This NFT was purchased by Justin Sun, the founder of the Tron blockchain, on August 8, 2021, for a total of TRX 120 million, or about $10.6 million at the price at the time.

Tpunk #3442 is particularly different from other Tpunks because of its “Joker” skin, which strongly resembles the famous movie character.

6 – CryptoPunk #7523 – 11.75 million in june 2021

We return to the world of cypher punks with CryptoPunk #7523 sold for approximately $11.75 million at an auction at “Sotheby’s” in New York.

Nicknamed “Covid Punk” because of the mask he wears on his face, CryptoPunk #7523 was purchased in the midst of the Covid19 period, which probably made it even more “iconic.”

5 – CryptoPunk #5822 – 23.7 million dollars

We end on this “Punk” trend with the famous CryptoPunk #5822 bought for 8000 ETH, or more than 23.7 million dollars, on February 12, 2022.

This transaction makes it by far the most expensive NFT (from a collection) in history. The question now is: will a “collectible” ever manage to surpass this stratospheric level?

4 – HUMAN ONE (Beeple) – 28.9 million dollars

For this 4ᵉ place, we completely change the register. Human One is a work of art by the renowned artist “Beeple” (Mike Winkelmann).

This both physical and digital work is presented to us as “the first portrait of a human born in the metaverse.” It depicts a person in a spacesuit moving through different landscapes.

Human One sold for nearly $30 million on November 9, 2021 at an auction in collaboration with Christie’s.

3 – Clock – 52.7 million dollars

The NFT “Clock” was created by Pak and WikiLeaks founder Julian Assange to support Assange in his trial, which could result in a maximum sentence of 175 years in prison.

The writing “One Thousand Thirty Five” on the NFT actually represents the number of days Assange has spent in prison in London.

The NFT was purchased for $52.7 million (16,593 ETH) by AssangeDAO, an organization founded to support Assange in his world famous case.

2 – Everydays: the First 5000 Days – 69.3 million dollars

This digital artwork is another creation by American artist Mike Winkelmann (Beeple).

Beeple’s The First 5000 Days is a composition of 5,000 unique works of art that Beeple committed to create, every day, starting in 2007.

The hard work paid off in the end. Indeed, the work sold for the sum of 69.3 million dollars in February 2021, at the auction house “Christie’s“, renowned in the field.

1 – The Merge – 91.8 million dollars

The first place in this ranking goes to the work ‘The Merge‘ created by the artist ‘Pak‘.

A work that may appear ‘simple’ at first glance, but is composed of over 266,445 NFTs which, once merged, form a single unique work of art.

In reality, it was nearly 29,000 investors who came together to purchase the 266,445 NFTs, for a total price of 91.8 million dollars, making ‘The Merge’ the most expensive NFT in history.

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Internet and social networks have had a significant impact on the evolution of fashion in the world, and this could take a whole new turn with the democratization of the Metaverse, a world that knows no limits.

In this article, we have tried to identify the different benefits that NFT technology brings to the fashion industry.

Fashion – A trend that breaks through virtual barriers

Fashion is a trend that is not limited to the real world. In the not-so-distant future, it is likely that people will value their image in the metaverse as much as their own appearance in “real life.”

With NFTs, tokens whose ownership cannot be falsified or replaced, users’ identities will be all the more authentic, and experiences even more memorable.

Eventually, the interoperability made possible by Web3 will allow us to import our NFT clothing, or even our avatar itself, into any virtual world. However, there are still too many barriers between the different existing metaverses, limiting this interoperability so much appreciated by users.

The day when the metaverse is not just a buzzword used by projects to increase their hype, but rather an ecosystem full of unique experiences linked together, then the connection between NFT and the fashion world will give birth to an industry with almost infinite possibilities.

This digital revolution may not be as far away as you think, and industry giants have already taken the plunge.

Fashion giants already positioned in favor of NFTs

The last two years have been a big turning point for fashion brands. Some industry behemoths, valued in the tens of billions of dollars, have decided to explore new horizons by diving into the world of the metaverse and NFT for the very first time.

Among these fashion giants, we find Nike, which bought the RTFKT studio, but also Adidas, Gucci, Puma, Ralph Lauren or Lacoste to name a few.

Beyond the speculative side, NFTs offer golden opportunities that brands must seize if they want to preserve their monopoly on Earth.

First of all, there is the acquisition of a whole new customer base. The day Web3 becomes an integral part of people’s daily lives, this clientele will become an indispensable market for the survival of brands.

Indeed, when consumers buy their clothes, they will want to receive physical versions to wear in real life, but also digital versions to wear their avatar in the metaverse.

Another key benefit of NFT technology is its ability to stop counterfeiting, which is a real scourge for brands. Indeed, the ownership of NFT garments worn by users is registered in the blockchain, making them unique and authentic.

NFTs – A way for brands to reward their customers

When someone buys a piece of clothing, they don’t expect to receive anything other than the model they went for. This may seem logical to you, and it should, because that’s the way it’s always worked.

However, this system does not allow brands to truly connect with their customers. By integrating NFTs into their strategies, brands are able to identify the exact number of people who own certain products.

As a result, they can now set up an entire rewards system dedicated exclusively to their consumers, without worrying about counterfeits. This also gives them the opportunity to strengthen their relationship with their customers.

These famous rewards can be both physical (VIP events, personalized merchandising, etc.) and virtual (NFT’s Airdrop, private party in the metaverse, etc.).

Digital fashion – A future market worth billions

The fashion market generates thousands of billions of dollars every year, and this is only increasing over time. Indeed, fashion is not just a passing trend, but a status anchored in the daily life of all. The way it evolves and adapts makes it one of the most important industries in the world.

The day when the majority of brands will be completely integrated to NFT, that virtual worlds will become a kind of “alternative reality”, that the population will have finally understood the usefulness of this technology, this market will generate astronomical sums.

A part of the income generated by the traditional fashion market will simply be transferred to the virtual worlds. Consumers, at least some of them, will no longer shop in physical stores, but in the metaverse.

Fungible Apparel – Get a unique look by wearing your NFT

At Fungible Apparel, we believe that NFTs will revolutionize the fashion industry. That’s why we decided to create our customizable apparel with your own non-fungible tokens (NFTs). In other words, we give you the opportunity to wear, in the true sense of the word, your NFT.

Thanks to our microchips equipped with NFC (Near Field Communication) technology, all our garments have an unfalsifiable authenticity. Indeed, our chips act as a bridge between the blockchain and the physical world, certifying the authenticity of our Fungibles Apparel products.

At any time, our customers are able to verify the ownership of their Fungible Apparel products by simply scanning the chip located under the label. They will then be redirected to a page where all the on-chain features of their NFT are displayed.

For more information about our Fungible Apparel products, we refer you to this article.

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Whatever their field of expertise, design, 3D modeling, painting, some artists have decided to take this decentralized turn by integrating NFTs into their creative strategy.

Whether it is from a financial, visibility or security point of view, the technology brought by NFTs brings a real added value to the art field, despite a very controversial public opinion.

In this article, we will try to discover the reasons why some artists have chosen to adopt this technology.

A new kind of revenue

One of the main reasons why some artists have turned to this technology is undoubtedly: money

As you know, art is an extremely competitive field that requires artists to constantly improve their work in order to compete. Artists have seen NFT as a new way to make money without having to face the rivalry of the traditional art market.

In addition to being able to share and offer their own NFT works for sale, a new financial opportunity has emerged with the appearance of NFT collections. Whether on service platforms or directly on social networks, many artists have been asked to put their skills at the service of NFT collections.

These collections, generally composed of several thousands of NFTs, and thus of several tens of different visual attributes or “traits”, were ready to pay exorbitant sums to obtain a unique art.

Indeed, these sums could easily reach tens of thousands of dollars for the most talented artists. Not to mention the royalties generated through the exchange of NFTs, which quickly became a significant source of income.

Adding up all these new financial sources, the most popular Web3 artists saw their profits explode, sometimes reaching several million dollars each month.

A new kind of visibility

By diving into the world of Web3, artists have opened up to a whole new audience, one that is engaged and ready to pay large sums of money for quality work.

There has also been the emergence of new marketing strategies to gain visibility. For example, many artists are choosing to collaborate with other creators in the field. This mutual help allows them to make their creations known to new communities, thus stimulating more quickly the interest for their work.

Finally, Web3 breaks down the barriers of entry to the art world in general. Artists do not need any license or authorization to sell their artworks. In addition, some marketplaces allow artists to publish their works without any eligibility criteria.

Web3 and NFT give them a total freedom of creation.

Increased security for digital artworks

For artists, NFT has also emerged as a new way to protect themselves against plagiarism. By registering their fingerprints in the bowels of the blockchain, their works become authentic and unique.

Indeed, for those who don’t know, NFTs are tokens stored on the blockchain that act as proof of ownership, making digital files (images, artworks, etc.) unfalsifiable and interchangeable.

Especially since there is nothing to stop artists from turning their digital art into real physical works to be displayed in exhibitions and art galleries. The difference with “classic” works is that the authenticity of works attached to NFTs can be verified.

A way to connect with your community

NFT technology also offers artists the possibility to establish real links with the people who buy their works.

Indeed, the traceability offered by the blockchain gives these creators the possibility to know exactly how many people, but also the digital identity (on-chain address) of these people, hold their NFT.

As a result, it is now easy for a Web3 artist to design a whole system of rewards exclusively for his holders.

These rewards can be in the form of Airdrop, tickets to virtual and physical events, or exclusivities regarding the artists’ future collections.

A clientele that feels really involved will be much more likely to buy the artists’ future works, but will also be very committed to them.

Web3 Artist – A growing profession

The new NFT fashion has undeniably divided the art sector as we knew it before. Indeed, there are now three types of artists: traditional artists, web2 artists and web3 artists.

It is likely that this latest generation of artists, the Web3 artists, will have a huge rise in the coming years, when Web3 will be integrated in everyone’s daily life. More and more Web3 projects, start-ups, but also world famous brands will need artists familiar with the Web3 world.

If you are an artist, get into Web3 as soon as possible and seize the opportunities that are offered to you.

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